By Commodity News Service Canada
WINNIPEG, Oct. 25 – The Canadian dollar was weaker compared to its US counterpart for the third straight day on Friday, losing more than a quarter of a cent against its US counterpart.
The Canadian dollar continued to move lower in reaction to Wednesday’s unexpected Bank of Canada announcement that showed they expect Canadian economic growth to be slow for an extended period of time.
The Canadian currency was quoted at US$0.9565 or US$1=C$1.0455 at the close on Friday, which compares with Thursday’s North American close of US$0.9592 or US$=C$1.0425.
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Expectations that the US Federal Reserve will start to ease out of their stimulus programs in early 2014 were also bearish for the Canadian dollar, analysts said.
However, spillover support from the gains seen in commodities, including crude oil and gold, limited the loonie’s downside.
Canadian bonds were mostly higher, following the advances seen in the US Treasury market, according to industry officials.
The two-year bond yielded 1.083% late Friday, from 1.096% late Thursday. The 10-year bond yielded 2.416%, from 2.242%. Bond yields fall as their prices rise.
